Create Finance Book – A summary of the activity

A finance book can be termed as an entity that contains financial information. Financial statements of any kind can be retrieved from a finance book. You can define three types of finance books for an organization. You can post financial entries in all these finance books.

• Posting Finance Book – is a book in which all the financial transactions are posted. There must be at least one finance book of this type in a company. A company can also have multiple finance books of this type based on its business requirements. This posting finance book can be visualized as the lowest level in the hierarchy of finance books.

• Main Finance Book – is a book in which the consolidation of all the financial details available in the multiple “Posting Finance Book” takes place. Every company must have only one finance book of this type. This main finance book is the next level in the hierarchy of finance books.

• Consolidation Finance Book – is a book in which the consolidation of all the financial details of the “Main Finance Books” available in the various child companies takes place. Every group company must have only one finance book of this type. This consolidation finance book is the highest level in the hierarchy of finance books.

This page allows you to select the code identifying the company for which you can create a finance book. You can enter a unique code identifying a finance book. You can also enter a unique description for the finance book. You can set the type of the finance book and also set the organization unit in which the finance book is deployed. You can also enter a date from which the finance book is in use. If a tax book is applicable for the company the system creates a tax book of the same type as the finance book.